Sector
NewswireTM
Sector: Mining - Metals and Minerals
:
News Release - December
2, 2016 4:32 PM ET
Gold Producer Metanor Reports Cash
Cost of US$850/oz in Financial and Operational Results for Quarter
Ended September 30th 2016, and Featured in Financial Post Business
for Developments Adjacent Osisko Mining
-
The Company is drilling adjacent
Osisko Mining's Windfall Deposit to build on intercept of 70.9
g/t Gold over 2.6 m in the north-east section at Barry.
-
The Company's total infrastructure
is valued (estimated replacement value) at between CDN$150M to
$200M. The Company's primary asset, the 100%-owned Bachelor
Mill, has a replacement value of several times the Company's
current market cap and is increasingly being viewed as a coveted
strategic asset being the only mill within 200km in a gold-rich
district. The Company has met its cash flow guarantee to
Sandstorm and is now free to mill ore sourced from outside
Bachelor without penalty.
NEW
YORK, NY, December 2, 2016 /Sector Newswire/ -
Metanor Resources Inc. (TSX-V: MTO) (US Listing:
MEAOF) (Frankfurt: M3R)
this week announced its financial and operational results for the
quarter ended September 30th 2016 (Q1 2017). This news follows on
the heals of other significant positive announcements; 1)
continued quality gold intercepts both at its Bachelor Gold Mine
(located beneath the Company's mill) and at its Barry Gold Open Pit
Deposit, 2) the Company filing its previously announced positive
preliminary economic assessment study (PEA) on its 100%-owned Barry
gold project, and 3) the Company announcing it intersected
70.9 g/t Au over 2.6 meters in the north-east section at Barry
adjacent the Windfall property belonging to Osisko Mining.
Metanor was also this week the subject
of a Financial Post Business section article entitled "Metanor:
The Pieces Fit" [click to view online].
The article surrounds the recent intercept of
70.9 g/t Au over 2.6 meters announcement
adjacent Osisko Mining on Metanor's Barry property. This intercept was a new discovery drill hole
that intersected two gold bearing zones
associated with sulphide (15%) in proximity to a regional fault. As
per the drill holes, this dominant geological structure has a
minimal length of 6 km, toward the Windfall property belonging to
Osisko Mining. A segment of 3 km of this structure extends on the
Barry property belonging entirely to Metanor Resources.
A segment of 3 km of this structure extends on the
Barry property belonging entirely to Metanor Resources. This new high-grade discovery
dramatically enhances the attractiveness of Metanor to prospective
suitors in an area under consolidation, as Metanor has quality
grades adjacent Osisko and the only mill around.
Fig. 1 (above) Primary
asset: 100%-owned
Bachelor Gold Mill
Figure 2.
(above) Location of new discovery adjacent Osisko
The drill results obtained thus far show high gold
values and more assay results are pending. In addition, the drill
campaign continues in the Moss Sector.
With a quality PEA in hand, Metanor's Barry project
appears destined to become the first to achieve a gold production
scenario amongst a handful of players (which also include Osisko
Mining Inc.'s prolific Windfall Property, Bonterra Resources'
Gladiator Deposit, Beaufield Resources' Macho claims, and Urbana)
whose gold system collectively is part of a new mining camp in the
Barry-Urban township of Quebec. Metanor's Barry PEA is highly
favorable and enhances the attractiveness of the Company with an
open-pit mine proposed and milling planned at the Company's
100%-owned Bachelor Gold Mill located only ~65 km NW (~116 km by
road) from the Barry Mine. Open-pit production
is pegged to begin in Summer-2017 and ramp-up expected to attain
37,573 ounces/annum for year two, Metanor will be cash flowing well
at Barry with all-in production cost conservatively projected at
only $1,114/oz (US $891/oz) -- the estimate was made using gold of only C$1,560 -- the financial analysis using higher
gold prices of C$1,710 would generate a NPV at $78.07 million with
an IRR of 246% before taxes. Spot gold is currently near C$1,750, and
many believe substantially higher gold prices are in the cards.
Under the base PEA we are looking possibly C$15M+ in positive cash
flow per annum from Barry, C$23M+ at current gold prices. Important
to note is that Metanor will pay no taxes for at least the first 2 -
3 years with its loss carry forward on the books, plus there is no
streaming agreement on the Barry project.
----- ------ ------ ------ ------ ------
Recent (November 29, 2016)
news release from Metanor:
Metanor Reports its Financial and
Operational Results for the Quarter Ended
September 30th 2016
VAL-D'OR, QUEBEC--(Marketwired
- November 29, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO)
is
pleased to report on its financial and
operational results for the quarter ended
September 30th 2016
(Q1 2017). This press release should be read
in conjunction with Metanor's financial
statement for the quarter ended September 30th 2016
and related Management's Discussion and
Analysis (MD&A), which can be found on the
Company website www.metanor.ca or
on SEDAR www.sedar.com.
All amounts are in Canadian dollars unless
otherwise stated.
Q1 2017 Highlights
Bachelor Property
-
Gold production of 8,399 ounces during
the quarter;
-
Gold sales of 7,893
ounces during the quarter;
-
Total of $12,663,044 in
revenues from gold sales in Q1 at an
average sale price of $1,604 per ounces
sold (US$1,230/oz at an exchange rate of
US$0.77/CA$1.00).
-
Cash Cost1 of
$1,108 per ounce sold in Q1 (US$850/oz
at an exchange rate of US$0.77/CA$1.00).
-
Sustaining cost2 of
$1,359 per ounce sold in Q1 (US$1,042/oz
using an exchange rate of
US$0.77/CA$1.00).
-
All-In cost3 of
$1,523 per ounce sold in Q1 (US$1,168/oz
at an exchange rate of US$0.77/CA$1.00).
Note
-
The cash cost is
composed of all costs related to the
mineral extraction and processing
including royalties associated to the
property, and by-product credit.
-
The sustaining cost is composed of the
cash cost, and all costs related to
sustain the existing operation such as
capital and exploration expenses at the
existing mines, and the corporate
administration cost.
-
The all-in cost is composed of the
sustaining cost, and all costs related
to corporate exploration and evaluation.
Barry Property
Publication, on September 22,
of a preliminary economic assessment
completed by the independent firm Goldmind
Geoservices Inc. This economic evaluation
was based from the in-pit resources update
of the Barry open pit published June 22nd and
revised September 21st 2016.
-
Net
present value (NPV) before taxes (6%
discounted rate) of 53.5 M$;
-
Internal rate of return (IRR)
before taxes of 198%;
-
NPV after taxes (6%
discounted rate) of 25.9 M$;
-
IRR after taxes of 94%;
-
For the life of mine, a
gold production of 193,457 ounces over a
production period of 9 years;
-
Waste to mineralized
material ratio of 2.17 to 1.
Administration
-
The
company had a net loss of $ 202,389 for
the quarter ended September 30th 2016
after depreciation and depletion of $
2,700,275.
-
The company had a
treasury of $ 1,830,512 on September 30th 2016.
Q1 2017 Operating and financial results
For this Q1, a higher sales
price, combined with a reduction in the
operating costs, provided a gross profit of
1.2 million dollars. These funds were mainly
used in exploration on the Bachelor, Moroy,
and Barry properties.
Outlook for the coming quarters
Metanor maintains its
objective to produce between 28,000 and
33,000 ounces of gold during the next year
coming entirely from the Bachelor mine. For
the current quarter, the feed grade to the
mill went up. This increase comes from ore
extraction below level 14 in the Main vein,
and from Hewfran between levels 6 and 8.
Accordingly, the company plans to sell
between 8,000 and 9,500 ounces for the
quarter ended December 31st 2016.
The company plans to publish
a resource and reserve update for the
Bachelor mine before December 31st 2016.
The underground drilling program will
continue during the coming months to
discover additional ounces of gold.
For the Barry property,
Metanor will continue the drilling within
the area of the Barry open pit to increase
its mineral resources, and to convert
inferred resources into the indicated
category.
...click here for full copy from source |
----- ------ ------ ------ ------ ------
Recent (November 15, 2016)
news release from Metanor:
Metanor Intersects 4.25 g/t Au Over 16.7
Meters at Barry
VAL-D'OR, QUEBEC--(Marketwired
- November 15, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO) is pleased
to announce preliminary results from its
10,000 meter drilling campaign currently
underway at the Barry project near the old
pits. This drill program, targeting the area
covered by the mining lease, aims to
delineate the extensions to the west,
south-west, and to validate the geometry of
the mineralized materials north of the
regional shear Urban-Barry. Results from 13
new drill holes are reported in this press
release.
The holes 16, 19, 20, 21, and
22 were drilled north of the existing pits.
The holes 17 and 18 were drilled to west of
the pits, and the holes 23 to 28 were
drilled to the south-west of the pits. See
attached diagram.
Highlights:
-
4.14 g/t over 3.6 meters in MB-16-17,
-
4.25
g/t over 16.7 meters in MB-16-24
including 11.89 g/t over 4.8 meters,
-
1.30
g/t over 15.45 meters in MB-16-26
including 2.18 g/t over 6.85 meters,
-
2.33
g/t over 16.8 meters in MB-16-27
including 3.58 g/t over 8 meters,
-
2.27
g/t over 16.6 meters in MB-16-28
including 3.67 g/t over 5.5 meters.
The table of the drill holes
coordinates is the following:
The holes 16, 19, 20, 21, and
22 that were drilled to the north tend to
demonstrate that the mineralization may not
be oriented the same way north of the pits.
Hole 20 did not intersect the gold
intersected by hole 19. The holes 16, 21,
and 22 did not intersect significant values.
Additional holes in a different direction
should be drilled to validate this
possibility.
The holes 17 and 18 drilled
to the West intersected interesting
mineralization near surface in relation to
the presence of a porphyry intrusive below
another porphyry. This sector is open to the
West and at depth.
The holes 23 to 28 located
south-West from the pits intersected the
mineralization on the contact of the
intrusive. Only hole 25 did not intersect
mineralization because it was too shallow,
and it should be extended eventually. These
new holes confirm the extension of a zone at
least 250 meters along strike by 200 meters
along dip direction. The zone is open in all
direction.
Drill results:
*Core length (true thickness
at 90%), assay uncut
A map of
Barry Gold Deposit is available at the
following link: http://media3.marketwire.com/docs/542_e.pdf
...click here for full copy from source |
----- ------ ------ ------ ------ ------
|
Recent (November 3, 2016)
news release from Metanor:
Metanor files PEA on the Barry project
VAL-D'OR, QUEBEC--(Marketwired
- November 3, 2016) -
Metanor
Resources Inc. ("Metanor") (TSX
VENTURE:MTO) is
pleased to announce it has filed the « NI
43-101 Technical Report Preliminary Economic
Assessment (PEA), Barry Gold Project,
Québec, Canada » in support of the press
release published September 22nd 2016.
The preliminary economic
study ("PEA") completed by Geoservices Inc.
GoldMinds, onthe Barry gold project (Mining
Lease number BM 886) located 100 km east of
Lebel-sur-Quévillon and 115 km south of the
Bachelor Mine in Quebec, establishes the
following (CAD dollars):
-
Net
present value (NPV) before taxes (at 6%)
of 53.5 M$;
-
Internal rate of return (IRR)
before taxes of 198%;
-
NPV after taxes (at 6%)
of 25.9 M$;
-
IRR after taxes of 94%;
-
Capital startup of 8.5
M$;
-
Payback of 0.71 years
with a gold price of $1,560 / oz;
-
All-in production cost of
1,114$ / oz (US $891 / oz);
-
For the life of the mine,
a production of 193,457 ounces of gold
over 9 years;
-
An average of 21,495
ounces of gold production with up to
37,573 ounces in year 2;
-
Milling of 1,200 tonnes
per day at the Bachelor plant, with an
average grade of 1.75 g/t diluted for
the life of the mine including the first
3 years at 2.61 g/t with a metallurgical
recovery of 95%;
-
Strip ratio of 2.17 to 1.
The additional details are
available in the technical report as well as
in the September 22nd press
release.
(*) Cautionary statement NI
43-101: The PEA is preliminary in nature and
includes inferred resources that are
considered speculative geologically to have
economic considerations that would
categorize them into mineral reserves. There
is no certainty that the conclusions of the
PEA will be realized.
...click here for full copy from source |
----- ------ ------ ------ ------ ------
|
|
Recent (November 16, 2016)
news release from Metanor:
Metanor Intersects 13.1 g/t Au Over 3.8 m at
Bachelor Mine
VAL-D'OR, QUEBEC--(Marketwired
- November 16, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO) is pleased to provide this
update on its underground drilling program
at the Bachelor Mine.
Drilling
continued during the months of October and
November in the Hewfran sector below level
10. A longitudinal drawing shows the hole
locations. The drill hole results are
presented in the table below:
Hole number |
from (m) |
to (m) |
length (m)* |
Grade Au (g/t) |
Zone |
E16-074 |
|
|
|
Tr |
12-H-10 |
E16-081 |
50.3 |
51.7 |
1.4 |
1.3 |
E16-096 |
49.7 |
52.4 |
2.7 |
7.8 |
E16-097 |
67.7 |
70.5 |
2.8 |
10.0 |
8-170 |
95.4 |
99.2 |
3.84 |
2.6 |
8-175 |
109.5 |
114.7 |
5.21 |
5.9 |
8-177 |
95.9 |
97.2 |
1.25 |
14.2 |
8-179 |
110.9 |
111.5 |
0.58 |
8.5 |
8-180 |
114.4 |
115.5 |
1.16 |
5.3 |
10-094 |
73.8 |
76.3 |
2.5 |
15.1 |
10-095 |
50.0 |
50.6 |
0.6 |
11.6 |
10-096 |
76.3 |
77.3 |
1.0 |
9.7 |
10-097 |
64.3 |
68.1 |
3.8 |
13.1 |
10-098 |
88.7 |
90.0 |
1.3 |
3.4 |
10-099 |
76.1 |
78.9 |
2.8 |
12.5 |
10-100 |
68.8 |
70.7 |
1.9 |
5.0 |
10-101 |
85.2 |
88.3 |
3.0 |
14.1 |
10-102 |
61.3 |
63.7 |
2.4 |
1.9 |
10-103 |
54.5 |
57.2 |
2.7 |
19.8 |
10-104 |
52.4 |
55.0 |
2.6 |
7.3 |
10-105 |
46.7 |
51.2 |
4.5 |
8.2 |
10-106 |
61.0 |
63.0 |
2.1 |
8.2 |
10-107 |
66.2 |
68.7 |
2.4 |
5.5 |
10-108 |
51.8 |
54.1 |
2.2 |
11.9 |
10-109 |
53.2 |
53.8 |
0.6 |
3.0 |
10-110 |
61.7 |
63.7 |
2.0 |
4.7 |
10-111 |
59.7 |
61.5 |
1.8 |
6.6 |
10-112 |
86.0 |
87.2 |
1.2 |
6.9 |
10-114 |
50.5 |
51.6 |
1.0 |
2.7 |
|
(*) Core length |
|
|
|
The development of a drift on
level 12 to access this sector is already
underway. In addition, an exploration drift
on level 14 is almost completed and will
enable the drilling of the extension of this
sector below level 12. The diamond drilling
below level 12 should begin within the next
two weeks.
...click here for full copy from source |
----- ------ ------ ------ ------ ------
Recent (November 15, 2016)
news release from Metanor:
Metanor Intersects 4.25 g/t Au Over 16.7
Meters at Barry
VAL-D'OR, QUEBEC--(Marketwired
- November 15, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO) is pleased
to announce preliminary results from its
10,000 meter drilling campaign currently
underway at the Barry project near the old
pits. This drill program, targeting the area
covered by the mining lease, aims to
delineate the extensions to the west,
south-west, and to validate the geometry of
the mineralized materials north of the
regional shear Urban-Barry. Results from 13
new drill holes are reported in this press
release.
The holes 16, 19, 20, 21, and
22 were drilled north of the existing pits.
The holes 17 and 18 were drilled to west of
the pits, and the holes 23 to 28 were
drilled to the south-west of the pits. See
attached diagram.
Highlights:
-
4.14 g/t over 3.6 meters in MB-16-17,
-
4.25
g/t over 16.7 meters in MB-16-24
including 11.89 g/t over 4.8 meters,
-
1.30
g/t over 15.45 meters in MB-16-26
including 2.18 g/t over 6.85 meters,
-
2.33
g/t over 16.8 meters in MB-16-27
including 3.58 g/t over 8 meters,
-
2.27
g/t over 16.6 meters in MB-16-28
including 3.67 g/t over 5.5 meters.
The table of the drill holes
coordinates is the following:
The holes 16, 19, 20, 21, and
22 that were drilled to the north tend to
demonstrate that the mineralization may not
be oriented the same way north of the pits.
Hole 20 did not intersect the gold
intersected by hole 19. The holes 16, 21,
and 22 did not intersect significant values.
Additional holes in a different direction
should be drilled to validate this
possibility.
The holes 17 and 18 drilled
to the West intersected interesting
mineralization near surface in relation to
the presence of a porphyry intrusive below
another porphyry. This sector is open to the
West and at depth.
The holes 23 to 28 located
south-West from the pits intersected the
mineralization on the contact of the
intrusive. Only hole 25 did not intersect
mineralization because it was too shallow,
and it should be extended eventually. These
new holes confirm the extension of a zone at
least 250 meters along strike by 200 meters
along dip direction. The zone is open in all
direction.
Drill results:
*Core length (true thickness
at 90%), assay uncut
A map of
Barry Gold Deposit is available at the
following link: http://media3.marketwire.com/docs/542_e.pdf
...click here for full copy from source |
----- ------ ------ ------ ------ ------
|
Recent (November 3, 2016)
news release from Metanor:
Metanor files PEA on the Barry project
VAL-D'OR, QUEBEC--(Marketwired
- November 3, 2016) -
Metanor
Resources Inc. ("Metanor") (TSX
VENTURE:MTO) is
pleased to announce it has filed the « NI
43-101 Technical Report Preliminary Economic
Assessment (PEA), Barry Gold Project,
Québec, Canada » in support of the press
release published September 22nd 2016.
The preliminary economic
study ("PEA") completed by Geoservices Inc.
GoldMinds, onthe Barry gold project (Mining
Lease number BM 886) located 100 km east of
Lebel-sur-Quévillon and 115 km south of the
Bachelor Mine in Quebec, establishes the
following (CAD dollars):
-
Net
present value (NPV) before taxes (at 6%)
of 53.5 M$;
-
Internal rate of return (IRR)
before taxes of 198%;
-
NPV after taxes (at 6%)
of 25.9 M$;
-
IRR after taxes of 94%;
-
Capital startup of 8.5
M$;
-
Payback of 0.71 years
with a gold price of $1,560 / oz;
-
All-in production cost of
1,114$ / oz (US $891 / oz);
-
For the life of the mine,
a production of 193,457 ounces of gold
over 9 years;
-
An average of 21,495
ounces of gold production with up to
37,573 ounces in year 2;
-
Milling of 1,200 tonnes
per day at the Bachelor plant, with an
average grade of 1.75 g/t diluted for
the life of the mine including the first
3 years at 2.61 g/t with a metallurgical
recovery of 95%;
-
Strip ratio of 2.17 to 1.
The additional details are
available in the technical report as well as
in the September 22nd press
release.
(*) Cautionary statement NI
43-101: The PEA is preliminary in nature and
includes inferred resources that are
considered speculative geologically to have
economic considerations that would
categorize them into mineral reserves. There
is no certainty that the conclusions of the
PEA will be realized.
...click here for full copy from source |
----- ------ ------ ------ ------ ------
|
|
Recent (November 16, 2016)
news release from Metanor:
Metanor Intersects 13.1 g/t Au Over 3.8 m at
Bachelor Mine
VAL-D'OR, QUEBEC--(Marketwired
- November 16, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO) is pleased to provide this
update on its underground drilling program
at the Bachelor Mine.
Drilling
continued during the months of October and
November in the Hewfran sector below level
10. A longitudinal drawing shows the hole
locations. The drill hole results are
presented in the table below:
Hole number |
from (m) |
to (m) |
length (m)* |
Grade Au (g/t) |
Zone |
E16-074 |
|
|
|
Tr |
12-H-10 |
E16-081 |
50.3 |
51.7 |
1.4 |
1.3 |
E16-096 |
49.7 |
52.4 |
2.7 |
7.8 |
E16-097 |
67.7 |
70.5 |
2.8 |
10.0 |
8-170 |
95.4 |
99.2 |
3.84 |
2.6 |
8-175 |
109.5 |
114.7 |
5.21 |
5.9 |
8-177 |
95.9 |
97.2 |
1.25 |
14.2 |
8-179 |
110.9 |
111.5 |
0.58 |
8.5 |
8-180 |
114.4 |
115.5 |
1.16 |
5.3 |
10-094 |
73.8 |
76.3 |
2.5 |
15.1 |
10-095 |
50.0 |
50.6 |
0.6 |
11.6 |
10-096 |
76.3 |
77.3 |
1.0 |
9.7 |
10-097 |
64.3 |
68.1 |
3.8 |
13.1 |
10-098 |
88.7 |
90.0 |
1.3 |
3.4 |
10-099 |
76.1 |
78.9 |
2.8 |
12.5 |
10-100 |
68.8 |
70.7 |
1.9 |
5.0 |
10-101 |
85.2 |
88.3 |
3.0 |
14.1 |
10-102 |
61.3 |
63.7 |
2.4 |
1.9 |
10-103 |
54.5 |
57.2 |
2.7 |
19.8 |
10-104 |
52.4 |
55.0 |
2.6 |
7.3 |
10-105 |
46.7 |
51.2 |
4.5 |
8.2 |
10-106 |
61.0 |
63.0 |
2.1 |
8.2 |
10-107 |
66.2 |
68.7 |
2.4 |
5.5 |
10-108 |
51.8 |
54.1 |
2.2 |
11.9 |
10-109 |
53.2 |
53.8 |
0.6 |
3.0 |
10-110 |
61.7 |
63.7 |
2.0 |
4.7 |
10-111 |
59.7 |
61.5 |
1.8 |
6.6 |
10-112 |
86.0 |
87.2 |
1.2 |
6.9 |
10-114 |
50.5 |
51.6 |
1.0 |
2.7 |
|
(*) Core length |
|
|
|
The development of a drift on
level 12 to access this sector is already
underway. In addition, an exploration drift
on level 14 is almost completed and will
enable the drilling of the extension of this
sector below level 12. The diamond drilling
below level 12 should begin within the next
two weeks.
...click here for full copy from source |
----- ------ ------ ------ ------ ------
Recent (November 15, 2016)
news release from Metanor:
Metanor Intersects 4.25 g/t Au Over 16.7
Meters at Barry
VAL-D'OR, QUEBEC--(Marketwired
- November 15, 2016) -
Metanor
Resources Inc. ("Metanor")
(TSX VENTURE:MTO) is pleased
to announce preliminary results from its
10,000 meter drilling campaign currently
underway at the Barry project near the old
pits. This drill program, targeting the area
covered by the mining lease, aims to
delineate the extensions to the west,
south-west, and to validate the geometry of
the mineralized materials north of the
regional shear Urban-Barry. Results from 13
new drill holes are reported in this press
release.
The holes 16, 19, 20, 21, and
22 were drilled north of the existing pits.
The holes 17 and 18 were drilled to west of
the pits, and the holes 23 to 28 were
drilled to the south-west of the pits. See
attached diagram.
Highlights:
-
4.14 g/t over 3.6 meters in MB-16-17,
-
4.25
g/t over 16.7 meters in MB-16-24
including 11.89 g/t over 4.8 meters,
-
1.30
g/t over 15.45 meters in MB-16-26
including 2.18 g/t over 6.85 meters,
-
2.33
g/t over 16.8 meters in MB-16-27
including 3.58 g/t over 8 meters,
-
2.27
g/t over 16.6 meters in MB-16-28
including 3.67 g/t over 5.5 meters.
The table of the drill holes
coordinates is the following:
The holes 16, 19, 20, 21, and
22 that were drilled to the north tend to
demonstrate that the mineralization may not
be oriented the same way north of the pits.
Hole 20 did not intersect the gold
intersected by hole 19. The holes 16, 21,
and 22 did not intersect significant values.
Additional holes in a different direction
should be drilled to validate this
possibility.
The holes 17 and 18 drilled
to the West intersected interesting
mineralization near surface in relation to
the presence of a porphyry intrusive below
another porphyry. This sector is open to the
West and at depth.
The holes 23 to 28 located
south-West from the pits intersected the
mineralization on the contact of the
intrusive. Only hole 25 did not intersect
mineralization because it was too shallow,
and it should be extended eventually. These
new holes confirm the extension of a zone at
least 250 meters along strike by 200 meters
along dip direction. The zone is open in all
direction.
Drill results:
*Core length (true thickness
at 90%), assay uncut
A map of
Barry Gold Deposit is available at the
following link: http://media3.marketwire.com/docs/542_e.pdf
...click here for full copy from source |
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Recent (November 3, 2016)
news release from Metanor:
Metanor files PEA on the Barry project
VAL-D'OR, QUEBEC--(Marketwired
- November 3, 2016) -
Metanor
Resources Inc. ("Metanor") (TSX
VENTURE:MTO) is
pleased to announce it has filed the « NI
43-101 Technical Report Preliminary Economic
Assessment (PEA), Barry Gold Project,
Québec, Canada » in support of the press
release published September 22nd 2016.
The preliminary economic
study ("PEA") completed by Geoservices Inc.
GoldMinds, onthe Barry gold project (Mining
Lease number BM 886) located 100 km east of
Lebel-sur-Quévillon and 115 km south of the
Bachelor Mine in Quebec, establishes the
following (CAD dollars):
-
Net
present value (NPV) before taxes (at 6%)
of 53.5 M$;
-
Internal rate of return (IRR)
before taxes of 198%;
-
NPV after taxes (at 6%)
of 25.9 M$;
-
IRR after taxes of 94%;
-
Capital startup of 8.5
M$;
-
Payback of 0.71 years
with a gold price of $1,560 / oz;
-
All-in production cost of
1,114$ / oz (US $891 / oz);
-
For the life of the mine,
a production of 193,457 ounces of gold
over 9 years;
-
An average of 21,495
ounces of gold production with up to
37,573 ounces in year 2;
-
Milling of 1,200 tonnes
per day at the Bachelor plant, with an
average grade of 1.75 g/t diluted for
the life of the mine including the first
3 years at 2.61 g/t with a metallurgical
recovery of 95%;
-
Strip ratio of 2.17 to 1.
The additional details are
available in the technical report as well as
in the September 22nd press
release.
(*) Cautionary statement NI
43-101: The PEA is preliminary in nature and
includes inferred resources that are
considered speculative geologically to have
economic considerations that would
categorize them into mineral reserves. There
is no certainty that the conclusions of the
PEA will be realized.
...click here for full copy from source |
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This release may
contain forward-looking statements regarding future events that
involve risk and uncertainties.
Estimates of potential made by the mining analyst are non 43-101 and not from
the Company.
Readers are cautioned that these
forward-looking statements are only predictions and may differ
materially from actual events or results. Articles, excerpts,
commentary and reviews herein are for information purposes and are
not solicitations to buy or sell any of the securities mentioned.
SOURCE: Sector Newswire editorial
editorial@SectorNewswire.com
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